The singer, who is the younger brother of Backstreet Boy Nick Carter, has filed for bankruptcy.

"Aaron filed for Chapter 7 Bankruptcy
protection to alleviate past issues in an effort to move forward with
his life and career," his rep, Steve Honig, confirms to USA TODAY in a
statement. "The overwhelming majority of the debt he is asking to be
discharged is from more than 10 years ago when he was a minor and not in
control of his finances."

According to legal documents obtained by TMZ, Carter's assets total $8,232.16, but his liabilities total $2,204,854, which include a $31,166 American Express bill. TMZ adds that Carter additionally owes over $1 million to the IRS.

The
filing means we also now know how much it costs to be Carter on a
monthly basis: $2,005, to be exact. That includes $600 for food, $150
for clothes, and $65 for hygiene. "He's currently living with a family
member," says TMZ.

It seems a reformed path has been on his mind. "I've been living a different lifestyle," the Huffington Post reports Carter told the Wichita Eagle
last month. "I don't party. I've partied enough. I don't go out. I
focus on other things that are much more important. I focus on being an
entertainer. I love performing. That's what I'm about. I want to take
that next step."

Carter is currently on tour, and will be performing in Eugene, Ore.,tonight.